Obama's tax breaks show his hypocrisy
What tax-time hypocrisy! After reading the article, “Obamas pay $93,362 in federal taxes; tax rate of 20 percent,” (April 11) written by Stephen Ohlemacher, I quickly realized the numbers didn't add up.
Where to begin?
According to the article, the Obamas earned approximately $637,000 with an adjusted gross income of $477,000 with an effective tax rate of 19.6 percent. According to federal tax code, those earning above $457,601 are to pay 39.6 percent of their income in taxes. This is for a married couple filling jointly. That would be $188,892 on an AGI of $477,000. President Obama spends much of his time demonizing wealthy individuals, those that earn over $250,000 are characterized as millionaires and billionaires that do not pay "their fair share" in taxes.
President Obama. Why didn't you pay your fair share in taxes?
Peter Paciorek
Ledyard